About this Show

Forbes on FOX

News/Business. Financial analysts offer advice on the markets. (CC)

NETWORK

DURATION
00:31:00

RATING

SCANNED IN
San Francisco, CA, USA

SOURCE
Comcast Cable

TUNER
Channel v761

VIDEO CODEC
mpeg2video

AUDIO CODEC
ac3

PIXEL WIDTH
1280

PIXEL HEIGHT
720

TOPIC FREQUENCY

Opec 5, United States 3, Morgan 2, Us 2, The Irs 2, Google 2, Michelle Bachmann 1, Mr. Jeffries 1, Benghazi 1, Erick Boling 1, Th 1, Cincinnati 1, America 1, Mike Jeffrey 1, Sarah Hall Graham 1, Neil 1, Bush 1, Stephen Miller 1, Lois Lernor 1, Dave Asman 1,
Borrow a DVD
of this show
  FOX Business    Forbes on FOX    News/Business. Financial analysts  
   offer advice on the markets. (CC)  

    May 19, 2013
    2:00 - 2:31am EDT  

2:00am
i like the index sdy dividend part of the standards and poors. >> stores are wreck? whadid he mean by that. that will do it? >> if you are outraged by the evidence coming o that of the irs was bng used as an idea logical enforcer, you may be outraged that some of those responsible for paid bonuses at work with your tax dollars. i am dave asman. what a week. we'll go with moshing an and mike and sabringa and rick. >> rick, this is usually steve forbes job but do you believe that the individuals who skewed up deserve bon us.
2:01am
>> i feel the need to talk flat tax. i think the bon idea is a bad idea particularly as it a ployed to the irs. remember when we have had a situation with private insurance companies and they are bonusingadjustors and paying them to deny claims. i have a similar problem with irs agents paid to colct more money. i tellou the great surprise. >> orust screw up. >> or screw up. you know who favors bonusing the federal -- the heritage foundation. >> you are an agent of the heritage foundation? >> i have been accued of many. from james, the senior economist. we should shift the distribution from base pay to bonus. >> mike, lois learner who was in
2:02am
charge of the tax exemption got a $42,000 bonus or several bonuses adding up to 42,000. show gave on the a bunch of information that was not true. and her predecessor got bonuses and all told $92 million in bonuses went out to irs officials, isn't that wrong? >> you are trying to get us audited on the show today. >> they got your number and mine. i agree with the heritage foundation, in general government employee play should shift to bonus with strict performance metric and they would perform better. as far as the irs, they don't deserve it. >> i am looking around for and kind of metrics in which someone
2:03am
behaved well and i don't see it. >> we are not in a market and there is not a competiter for those in government and so what are they judged on? on the number of conservative groups that they muzzle? >> i like the make government employees less effective and i don't want them to be more active. i don't underand how he base $92 million worth of bonuses, that is concerning to me. >> it is not only the cash and bonuses, but getting bumped up. they give awards to the people involvedn this. sarah gram hall, and they will talk about this in the next half-hour. she is managing the irs role for obama care. >> i think we are mixing this up. a now bad eggs that got bonuses. i don't think everyone should
2:04am
have it axed altogether. there is a plan and a legislation to cap the bonuses. this is slightly dated here. a i think you need to have bonuses in many cases to the government are tied to the performance. and you need to have that to be mpetitive with the private sector. >> but look at the people who got bonuses. first of all mismanagement and whatever it was, they all got bonuses and it was a matter of course here. >> i have to say in the case of miss learner, i have a funny feeling she might be out of work. >> or sarah hall ingram. >> and it is truly extraordinary week sabringa and i have aeed which never understand.
2:05am
all around bonusing in the federal government doesn't make sense. if they do a bad job get rid of them. >> but sabringa, what bothers me about the whole thing, everything was a matter of course. this is just the way they did business and of course, the president bumped up sarah hall graham and appointing her as part of the irs obama care role. the social contract between the people who pay taxes and the government has been broken by this scandal. is the president capable of fixing it? >> i thi that is the issue here, we have a serious trust issue and the president is trying to distance himself and because it is happening in the walls of the white house, that he ismmune from the blame. but the reality is, he sets the tone for the srgz the massive
2:06am
big government and regulatory state, it is his responsibility. he has a lot of healing to do with the american people who say i will not give bonuses to these people. i don't think a burrcrat in cincinnati woke up and said i will go after the t party group. >> that is an interesting point and stephen miller who was under the grill spoke to this point. we have a sound bite where whether it was mismanagement or partisship. >> i don't believe that partis anship motivated the people engaged in the practices described in the attorney general report. >> this is a definition of partisanship. when you single people out on the basis of their ideology. >> the problem is with big and growingovernment and
2:07am
particularly when the president obama of the united states is a fan of big government. this is what you get. you have scandal with benghazi and the less accountability. ngo a head morgan. >> it is not a partisan issue but an issue of political donations and whether the names get revealed. >> i don't care who the president is under these circumstances, the irs is clearly dysfunctional and lois lernor was promoted under president bush. gang, we have to wrap it at th. and if the irs played politics with these groups, what about enforcing the president's health care law? that's what michelle batch batch
2:08am
wants to know. new numbers showing that america could throw opec to the curve if it does one thing. something as bold as what jfk did. and how much money it will save you next. >> i believe that this nation should commit itself to achieving the goal before this decade is out of landing a man on the moon and returning him safely to the earth. thank you orville and wilbur...
2:09am
...amelia... neil and buzz: for teaching us that you can't create the future. by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiencebelow... to the finest comforts above. we're not simply saluting history... we're making it.
2:10am
2:11am
2:12am
see you at 1 o'clock eastern. and bab to forbes on fox. >> a now stunning report. the united states is on track to take on opec as the world provider of oil supplies. new reports showing that the areas in the dacottas and montana have twice the oil and gas reserve. the administration is reducing restrictions on fraccing. you saye have to go all in? >> we have to let industry go all in. the mistake is to allow government get involved. the government needs to get out of the way and stop picking winnersnd losers and let industry decide where technology and industry goes. that is the surist path to
2:13am
energy and better environment. >> rick, you can have national goals. remember jfk saying i will put a man on the moon in ten years. we did it. the united states did it and the government was entely involved in that. but what is the private sector goal? >> i have no objection to taking advantage of the opportunity. if we are a world force that i a wonderful thing. where i get nervous about the all in. thre are down ses to this kind of energy. i recognize it will produce jobs and benefit our jobs. but don't lose sight for the long-term. here's what i propose, make it easier for the development of the oil shelves. but in return ask the energy producers to get involved in
2:14am
developing better sources of energy. >> rick, i realize, monte hall, let's make a deal. >> somebody out there. >> mike, this is how important this report is. here's what they said. you can't overemphasize this. the supply shock created by a surge in nth american oil production will be transformative to the market in the next five years as was the rise of chinee demand in the last 15 years. we have the potential of overkingec. >> agre wi sainga ge th vernnt t ofhe ay a leas theriva sect. don lik t gl o ortangopc, butwhatfil goesack t $17 a barl. st unleh t pivat secr, david, they will do a far better
2:15am
job than the government will. we'll see all of the lousy investments and tax on solyndra. >> i do like focusing on opec. since the 1970s, we have been in the beck and call of opec. it is nice to put them as a minor inconvenience than a major inconvenience if our lives. >> it is a gutsy goal. mike hit the nail on the head. unleash the private sector. we are talking about recession years, when you look at that. traditional energy created 500,000 jobs and if government got out of the way, you would see those numbers go crazy. this is the way of the future.
2:16am
>> rick, you hear morgan talking. and she's disagreeing with you. >> i don't disagree she is smartestne in the group. but be more specific about gettg the government out of the way. are you saying remove the regulations on the oil. >> hold on, let morgan explain what you mean by. that >> every time president obama talks about the bad evil oil companies and cutting the tax subsidies, that pushes back against the private companies saying that. >> rick, can can you go that far. we aretrying to sell you. >> i see where you are going. you can't totally get government out because of the federal land involved that people want to drill. again, i am going to take you to the and bargain, you want to open up more fedal lan okay. oil companies do somethingbout
2:17am
producing. >> but hold on, sabringa there is a fact most significant old and gas discoveries are not on federal lands but state and private lands. i am 0 to let the facts come in an argument here and that's why the federal government is holding up the process through the a. if they got the epa out of the way for the nonsense regulation, we could beat opec. >> and the fraccing, there is so much alarmism a round this and we are talking about injecting water and fo based chemicals. we saw the governor of california drink it. and there is a methodology that is used over decades. we don't want american people to think that the water is
2:18am
contaminated because of this. that isoming from the white house. >> the chief rhetoric and the winner in the rhetoric against carbon fuels was the head of the energy department and the new guy is more sympathetic to your views. we find progress here. thank you, gang. and should you have to look lke this to shop at amber krom bee and fitch.
2:19am
2:20am
2:21am
2:22am
>> cool or not cool. ambercrombie and fitch ceo mike jeffrey regrets the comment he made to offend anybody. he is not apologizing it. that comment went viral again and so are the protest. what did he say. "in every school there is cool kids and popular kids and not so cool kids. candidly we go after the cool kids a lot of people don't belong nd can't belong. they lack large and extra large". and this is classic mean girl behavior, right. but everybody is assuming it is a bad thing. i don't think so. i think everybody wants to be a part of the coolclub and be part of the small group. this will boost sales for ambercrombie a among those cool kids. >> morgan, what do you think
2:23am
will this exclusively good for the company in >> it is a bad marketing. the company is biting off their nose to spite their face. one of the underserved market system plus si females and we are seeing their competiters and lucky brands and kardashians and the exclusive have running out larger sizes to accommodate plus- side females. nmike, there is some successful compaes that base success on exclusivy. lock atative no. >> or armani. the stock is up since the ceo made the comments. there is something to be said for that. >> rick? >> what is not cool is mr. jeffries. my daughter is in great shape and very attractives and fits
2:24am
the customer of ambercrombie, she was so insulted by the comments. why? the eths on of the customer. they don't think it is cool to pick on larger sizes. >> that is a fair point. but this is a company that is pushing the boundaries with the clothing and remember the catalogs that are border line pornographic. >> they are edgy. and there is no question. >> they are look for example that edge to cope them up in sales. >> morgan, timing iseverything. and in the '90s over size was in. and everybody wanted extra large and are they squeezing them in a fashion corner thathey may wanto get out of? >> i think they are. it goes back to the point i
2:25am
made. two-thirds of the americans are obese. over weight. >> not that bad. >> and the point is, you are talking about a huge portion of the population. and a huge buying demographic. >> hi priced jewelers cut out a large percentage. it is what you charge. >> and we have a big market to accommodate everybody. coming up, google shares topping $900. and the stocks that they say will be the next google. what are they? stick around and fd out.
2:26am
2:27am
2:28am
2:29am
>> we are back. goggle shares worth $900 each. our panel has the next google stock. union pacific. >> it is not as expensives google. it has solid financials and in the last three years turned out 30 percent yearly growth. >> mike? >> this is a really, really well managed company, david and though the stocks had a n up. it is recentlily priced at this point. >> everybody agrees. and cubbis pharmaceutical. >> it makes drugs for skin and
2:30am
blood disease. >> you like it? >> yes, but remember the portfolio is concentrated. >> that's it for forbes on fox. erick boling next. >> bias against conservative and michelle bachmann is here. and the agency to enforce the health care laws. plus, help, help, shut your computer and turn off your phones, unc sam is peeping on y. and invading the phone records and facebook accounts. all that and the government scandal that no one is talking about exc